NEW YORK, June 13, 2018 /PRNewswire/ -- Bernstein Liebhard
LLP announces that a securities class action lawsuit has been filed
on behalf of those who purchased or acquired the securities of
Akers Biosciences, Inc. ("Akers" or the "Company") (NASDAQ: AKER)
between May 15, 2017 and June 5, 2018, both dates inclusive (the "Class
Period"). The lawsuit seeks to recover Akers shareholders'
investment losses.
To join the Akers class action, and/or if you have information
relating to this matter, please visit our AKERS SHAREHOLDER PAGE or
contact Daniel Sadeh toll free at
(877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period Defendants
made false and/or misleading statements and/or failed to disclose
that: (1) Akers was improperly recognizing revenue for the fiscal
year ended December 31, 2017; (2)
Akers had downplayed weaknesses in its internal controls over
financial reporting and failed to disclose the true extent of those
weaknesses; and (3) as a result, Defendants' statements about
Akers' business, operations and prospects were materially false and
misleading and/or lacked a reasonable basis at all relevant times.
When the true details entered the market, the lawsuit claims that
investors suffered damages.
On May 21, 2018, during
aftermarket hours, Akers revealed that its ongoing review of the
characterization of certain revenue recognition items for the
quarter ended March 31, 2018 "now
includes certain transactions in previous quarters." As a result,
Akers stated that "the Company is unable to file its 10-Q for the
quarter ended March 31, 2018 today."
On this news, Akers' stock fell $0.058 per share, or over 8%, from its previous
closing price to close at $0.599 per
share on May 22, 2018.
On May 29, 2018, Akers revealed
"that Raymond F. Akers Jr., Ph.D has
resigned as a director of the Company with immediate effect." On
this news, Akers' stock fell $0.263
per share, or over 44%, over two consecutive trading days to close
at $0.326 per share on May 30, 2018.
Then, on June 1, 2018, Akers filed
a Form 8-K with the SEC attaching a letter from Raymond Akers to the Company. In the letter, Mr.
Akers stated that "I have resigned from the Board of Directors due
to significant differences regarding the policies and practices of
the Board of Directors, accounting and business practices of
Management, and new Counsel. I believe this to be in the best
interests of the Company, shareholders, and me."
If you wish to serve as lead plaintiff, you must move the Court
no later than August 13, 2018. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in
The Legal 500 for ten consecutive years.
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ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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